I-Mab Q2 FY2020 earnings call

• Pipeline Development: Lemzoparlimab (TJC4) completed Phase 1 dose escalation in US with positive safety and PK profile; TJD5 Phase 1 trial ongoing in US and China; TJM2 evaluated for COVID-19 cytokine release syndrome; TJ202 in registrational studies in China; TJ301 Phase 2 trial ongoing for ulcerative colitis; early stage pipeline advancing with IND submissions planned.
• Corporate Development: Appointed Ivan Yifei Zhu as Chief Commercial Officer; opened Hong Kong office; planning R&D center in San Diego for translational medicine, etc.

For the six months ended June 30, 2020, net revenues were nil compared to RMB 15 million in the same period of 2019. R&D expenses were RMB 442.3 million (US$62.6 million) in 2020, up from RMB 265.1 million in 2019. Administrative expenses were RMB 171.4 million (US$24.3 million) in 2020, down from RMB 574.6 million in 2019. Net loss was RMB 582.9 million (US$82.5 million) in 2020, compared to a net loss of RMB 857.3 million in 2019. Non-GAAP net loss, excluding share based compensation, was RMB 353.1 million (approx. $50 million) in 2020 vs. RMB 491 million in 2019.

• Forward-looking on continued pipeline progress, clinical trial advancements, and commercialization preparations for first product launch in China.

• Risks related to clinical trial outcomes, regulatory approvals, market competition, and uncertainties in achieving commercialization goals.

Q: About CD47 antibody lemzoparlimab's future R&D plans and bi-specific products.

A: Two CD47 related bi-specific programs at CMC preclinical stage; TJC4 clinical development plan includes AML/MDS registration and solid tumor combination studies.

Q: On TJM2 Phase 2 study for CRS and FDA attitude.

A: Advanced from Phase 1 to Phase 2, communicating with FDA for trial prioritization.

Q: Healthcare reforms and China's market potential.

A: Regulatory reforms, funding, talent, and reimbursement drive opportunities; China likely to become leading market for innovative therapies in next 5-10 years.

Q: TJD5's position in treatment paradigm.

A: Works synergistically with PD-1/PD-L1 therapies to create favorable tumor microenvironment.

Q: CD47 market competition and TTI-621 toxicity.

A: TJC4 differentiated with minimal red blood cell binding and favorable PK; TTI-621's thrombocytopenia from ITT function of CD47 on platelets.

Q: Commercialization plan and sales team.

A: Aim to form 150-200 core sales team for hematology products like TJ202.

Q: TJM2 as substitute for steroids in COVID-19.

A: GM-CSF targets cytokine release specifically without suppressing immune system like steroids.